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CleverDocs for IFAs - Compliance, Relationship and Document Management system specifically for Independent Financial Advisors
by: Sarah
Cost of compliance with new FSA regulations can now be reduced

The additional cost of compliance with the new FSA (Financial Services Authority) regulations for insurers can now be contained thanks to Accounting Products (www.cleverdocs.co.uk) enhanced customer relationship/document management software CleverDocs for IFAs.

Accounting Products document management system – CleverDocs for IFAs - has already substantially reduced operating costs for Denyer Insurance by streamlining many of the processes for compliance, sales, customer interaction and document management. Denyer, which pioneered commission-free life, critical illness, pensions and general insurance, sold via the internet, is the first IFA to incorporate the enhanced software. CleverDocs for IFAs helps ensure this by improving productivity across all aspects of an IFA business:
• Compliance
• Business Management
• Relationship Management
• Document Management
• IFA Intelligence

Compliance
Comprehensive client and policy registers
Fact find recording
Terms of business agreement status
Logged communications with providers and clients
Business Management
Financial Services and General Insurance
Commission statements can be retrieved by time and/or providers
Renewal commission forecasting
Commission tracking at IFA, insurer and even client level
Reduced administration
Greater responsiveness
Business Intelligence
Relationship Management
Client policy history and status is available on-line
Authorised agents have access to documents
Automated communications with clients when policy status changes
Standard letters can be created and sent automatically
Document Management
All communications scanned and accessible on line
Documents can be filed against providers, clients and policies
Documents can be filed against any number of clients and policies
Thumbnail view of documents available for quick reference or
Documents can be opened and printed, emailed or faxed from the screen

IFA intelligence
Comprehensive policy register
One or multiple parties to a policy
One or multiple lives to assure
Policy extensions
Key dates available on policy records (Application, Acceptance , On-risk)
Reasons (Letter, Objectives, Risk Attitude)
Policy numbers (internal and provider)
Status policy application with compliance/sales process
Advice and policy history available

From 2005 the new FSA regulations will demand increased transparency and compliance auditability. Simon Hill, Managing Director of Denyer says “while creating a new way of selling insurance, it became apparent that we also had to transact our business in a new way. The cost of dealing with paper has always been a key factor in operating a paper based business. The creation of CleverDocs has allowed us to automate many processes. From an initial interest on our website through to policy acceptance and follow-up we have been able to make the most of our key processes to become paperless and yet retain the feel, as far as clients are concerned, that we are looking after their needs in a traditional manner.”

CleverDocs was created on time, on budget and, after three years’ continuous operation, without a single failure”. He continued “after we implemented CleverDocs and went live, we were able to immediately transact more business and release staff to do more productive work. We also had one place for customer records, quotes, policy documents, e-mails, correspondence etc. With this system in place, everything became accessible at the touch of a button”.


About the author:
Sarah Seddon Marketing/PR Manager for Accounting Products Ltd, telephone: 020 7043 7108
Email sarah.seddon@accountingproducts.co.uk
Main website: www.accountingproducts.co.uk

Simon Hill, Managing Director, Denyer Insurance
Website: www.cleverdic.co.uk

Note to editors: Accounting Products Ltd, founded in 2001, provides specialist and tailored software such as free software for GL, AP, AR, supply chain management, light manufacturing, warehouse management, call centre management, voicemail, voicemail to e-mail, remote worker support, CMS and VoIP. Accounting Products also offers document management systems, bank reconciliation, cash forecasting and control, as well as consulting. Clients include Axa, Mace, UPP and Denyer Insurance.




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Tips to Build Your Email Address Database

WHY BUILD YOUR EMAIL ADDRESS DATABASE?

Gaining your customers' email addresses will:

  • Provide an additional channel for reaching your customers
  • Increase the ROI of your marketing investments
  • Significantly reduce your customer acquisition and marketing costs
  • Allow you to easily measure the impact of your marketing campaigns
  • Increase your customer participation and retention rates

With ongoing postal and telemarketing pressures impacting marketing budgets for many organizations this year, email marketing could become the "silver lining " for many marketers.   But how do you create a successful email marketing campaign if you do not have a substantial email database?  That question may be one of the largest Internet related challenges facing companies this year.

Research shows that the majority of organizations have email addresses for less than 10% of their postal files.  So how do you level the playing field and start to add quality permission - based email addresses to your database?

Here are some tips that you can use to cost effectively build your email address database and increase your customer participation and retention rates: 


START TO ASK FOR IT!  

Every communication or touch point with a customer should start or end with a request for an email address.   By utilizing the four points below, you should be able to add email addresses for 5% to 10% of your postal file over the course of one year.

1.  Direct Mail Collection

Think about how much time and money you spent for copy and design on your last new direct mail piece.  Most companies have started to ask their customers for their email address information within these mailings.  This is a great step forward. However, companies need to look at one major improvement if they want to increase their email address collection rates. 

To date, most requests for email address information have been pushed, shoved or jammed into whatever white space remains.  It should be no surprise that the success rate has been less than stellar.

To improve on these efforts, you need to provide your members with a reason to release their email addresses to you.  E-newsletters, purchase confirmations, petitions, and special discounts and offers are but a few of the benefits that will encourage your members to come on board.

2.  Web Page Collection

Many companies have an email address collection function in place via the web.  To improve your sign-up rates, add text below the email request box that informs your visitors of the special email benefits that they will receive (i.e. e-newsletters, purchase confirmations, delivery updates, etc.) upon registering.  You can also utilize a pop-up link to inform users of these special benefits.

Finally, your email address request function should be available on your home page. Don't make your users go and look for it.  Every click away from your home page reduces the chances of your users taking an action and providing you with their email address information.

3.  Existing Email Database Collection

Don't forget to ask the members of your existing customer base for email addresses of their friends, family and associates.  Viral marketing is a powerful tool to use and is extremely cost effective!  You could ask them either to provide you with additional addresses or simply to pass on your newsletter, email specific offers, or other information to others they feel have similar interests.

4.  Telemarketing Collection

Don't assume that your telemarketing agents are asking for email addresses from potential customers.  Ensure that your agents have an updated script, which outlines the previously described benefits to potential customers of providing their email addresses.

The suggestions above are a great start!  Yet they really should be viewed as a secondary plan for building your email database.  To exponentially and expeditiously grow your email database, please read on!


EMAIL APPENDING  

Utilizing an email appending service enables you to add email addresses for up to 25% of your postal file, all within 3-4 weeks.

Email Appending - is the process of adding an individual's email address to that individual's postal record in side your existing database.  This is accomplished by matching the postal database against a third party, permission based database of postal and email address information.

Best Practices - Email Appending is not a prospecting tool. The DMA (Direct Marketing Association) and its interactive arm AIM (Association of Interactive Marketing) have guidelines in place that dictate that email appending only be used to append email addresses to your existing opt-in postal record house file.

The Process - Your opt-in postal file is securely transferred to an email appending provider, who will do an initial gross email address match of your file against its opt-in database of postal and email address records.  Your appending provider will then send these matches a permission-based message prepared by you.  All bounces and opt-out requests will be removed from the list.  At that point a valid permission-based email address file of your customers will be delivered back to you. 

Cost - Less than the price of a postal stamp!


IN SUMMARY

The first step of any successful email marketing effort is to build a permission-based email address list of your customers.  The simplest, quickest and most cost-effective way to do this is through email appending, which will enable you to add email addresses for up to 25% of your postal file.  Secondary efforts of email address collection via focused direct mail, web, viral and telemarketing practices are also important and will enable you to add email addresses for an additional 5% to 10% of your base on an annual basis.

Best of luck in building your email address database.  As many companies have already learned, the ROI and cost savings to be achieved will far exceed your expectations.

Bill Kaplan
CEO
FreshAddress, Inc.

FreshAddress, Inc., The Email Address ExpertsTM, provides a comprehensive suite of industry leading database and email deliverability services to help companies increase their e-commerce revenues.  For more information on how we can help "Build and Update" your email list, visit http://freshaddress.com/biz or email biz@freshaddress.com.



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